Latest Update On Student Loan Bill Today Thursday 22nd June 2023

Speaking further, Adejo said: “The act as it is tells us the process, but as I speak with you today, the President has approved a committee made up of the ministries and agencies, and their meeting will be coming up on June 20.

“The President has also directed that by September to October of this 2023–2024 academic session, he wants to see recipients of these loans. It is a very serious march for us, so between now and then we have to fathom the process for people to get the loan.”…..Continue Reading

Below are key facts you should know about the new law:

All applicants must apply to the Chairman of the Bank and through the Student Affairs Office of their various institutions – University, College of Education, Polytechnic or Vocational School – established by the Federal Government or any State Government.

Applicant income or family income shall be less than N500,000 per annum

Each applicant must provide two guarantors who must be a civil servant with at least 12 years experience, or a lawyer with at least 10 years post-call experience, or a Judicial Officer, or a Justice of Peace.

A student can be disqualified if they or their parents have defaulted of any loan in the past, or they (student) have been convicted of drug related offences or any felony involving dishonesty or fraud, or they if the student has been found guilty of exam malpractices by any school authority…..Continue Reading Here

President Tinubu Signs Student Loan Bill Into Law

President Bola Tinubu signed the Student Loan Bill into law on Monday, 12 June, his aide, Dele Alake, disclosed this to State House Correspondents on Monday, June 12, 2023.

News Rain Nigeria gathered that this is part of Tinubu’s manifesto, where he promised to devise new ways universities can source for school fees.

He intends to end the reoccurring strike by the Academic Staff Union of Universities (ASUU) by reforming the education system in Nigeria, as the association often protest poor funding.

I will initiate a new creative means of funding tertiary education by granting universities the financial autonomy to explore new sources of financing through grants, corporate sponsorship, tuition fees etc.

“My administration will collaborate with all the tertiary education sector stakeholders, including students, parents, the academic community, relevant unions, and the government…..Continue Reading